FxWirePro: South Korean won trades almost flat against euro, sustained close above 1,306 requires for upside rally
EUR/KRW is currently trading around 1,303 mark. Pair made intraday high at 1,305 and low at 1,303 levels. Intraday bias remains neutral till the time pair moves in stiff boundaries from 1,298 to 1,306 levels. A sustained…
Pair made intraday high at 1,305 and low at 1,303 levels.
Intraday bias remains neutral till the time pair moves in stiff boundaries from 1,298 to 1,306 levels.
A sustained close above 1,306 will take the parity higher towards key resistances around 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,298 will drag the parity down towards key supports around 1,294, 1,286, 1,277, 1,267, 1,258, 1,246 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Seoul shares open down 0.13 pct.
We prefer to take long position on EUR/KRW only above 1,308, stop loss at 1,298 and target of 1,327.
